OCC Assesses $500,000 Civil Money Penalty Against First National Community Bank, Dunmore, Pennsylvania, for Bank Secrecy Act Violations

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced a $500,000 civil money penalty against First National Community Bank, Dunmore, Pennsylvania, for violations of the Bank Secrecy Act.

The OCC found that the bank engaged in violations of 12 C.F.R. § 21.11 when it failed to file suspicious activity reports on a timely basis in connection with certain suspicious transactions.  The transactions that were reported in the suspicious activity reports took place between 2005 and 2009.

In September 2010, the OCC issued a cease and desist order, which directed the bank to correct deficiencies in its Bank Secrecy Act and anti-money laundering programs.  The OCC is taking this action in coordination with the Financial Crimes Enforcement Network, which took a separate enforcement action against the bank.

Related Link

• Civil Money Penalty (PDF)